THE SUPPORT GIVEN BY DATA ANALYSIS IN THE DECISION-MAKING PROCESS IN INTERDEPENDENT ECONOMIC SYSTEMS

Danut-Octavian Simion ()
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Danut-Octavian Simion: Athenaeum University, Bucharest, Romania

Internal Auditing and Risk Management, 2023, vol. 68, issue 2, 17-29

Abstract: The paper presents the support given by data analysis in the decision-making process in interdependent economic systems. There are situations when solving the problems that arise in the performance of a company’s activity involves the operative processing of data and obtaining useful information in substantiating decisions. A well-founded decision requires internal and external information, expressive indicators that reflect the processes and phenomena of the company’s economic and financial activity, determine the limitation of the uncertainty that characterizes the company’s behavior in the context. Together with the information, in identifying and choosing the courses of action, an important role is played by the rigor and personal experience of the decision-maker, because in the last instance, decision-making is an attribute of management. Built to assist the decision-maker in making decisions, interconnected economic information systems ensure the acquisition, analysis and interpretation of a large volume of information, helping managers to make quick decisions, Decision-makers thus have the opportunity to analyze a large number of possible solutions, to build several analytical and intuitive models for evaluating the results. Within the decision-making problem, specialized computer systems start from daily information about the economic environment, ensure their selection, interpretation and compaction to prepare the decision. Instead of multiple calculations, which provide inopportune information, sorting, selection, classification and evaluation operations are carried out, intended to organize the information, reduce uncertainty, lead to recommendations and options for action. Economic decisions must take into account the external environment specific to business, but must be based on historical data previously entered by a commercial company, valuing the rules and knowledge accumulated over time.

Keywords: decision-making problems; specialized computer systems; data from external environment; historical data; economic decisions; analysis and interpretation; expressive indicators (search for similar items in EconPapers)
JEL-codes: C23 C26 C38 C55 C81 C87 (search for similar items in EconPapers)
Date: 2023
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